PUBLISHER: The Business Research Company | PRODUCT CODE: 1436646
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436646
Retail cloud is a cloud-based retail solution that integrates artificial intelligence (AI) and data analytics to enable retailers to adapt their product offerings based on consumer feedback. This technology allows retailers to leverage cloud computing to gather information from online sources, streamline supply chains and logistics, and deliver high-quality and seamless customer experiences.
Retail cloud encompasses various types such as channel operations, supply chain management, customer management, merchandising, workforce management, reporting and analytics, and data security. Channel operations involve developing marketing and sales strategies to reach a broad audience. Retail cloud services, deployed through public cloud, private cloud, and hybrid cloud, utilize service models such as software as a service (SaaS), platform as a service (PaaS), and infrastructure as a service (IaaS). It caters to both small and medium enterprises and large enterprises.
The retail cloud market research report is one of a series of new reports from The Business Research Company that provides retail cloud market statistics, including retail cloud industry global market size, regional shares, competitors with a retail cloud market share, detailed retail cloud market segments, market trends and opportunities, and any further data you may need to thrive in the retail cloud industry. This retail cloud market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The retail cloud market size has grown rapidly in recent years. It will grow from $33.1 billion in 2023 to $39.18 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The growth observed in the historic period can be attributed to various factors, including the transition from legacy systems, trends in mobile commerce, the demand for omnichannel experiences, and efforts in supply chain optimization.
The retail cloud market size is expected to see rapid growth in the next few years. It will grow to $81.02 billion in 2028 at a compound annual growth rate (CAGR) of 19.9%. The anticipated growth in the forecast period can be attributed to enhanced cybersecurity measures, the adoption of sustainable and green computing practices, and the challenges associated with regulatory compliance. Major trends expected in the forecast period include the rapid pace of digital transformation, the integration of augmented reality (AR) and virtual reality (VR) experiences, a focus on personalization and customer insights, the acceleration of e-commerce, and the utilization of blockchain for transparency in various sectors.
The anticipated surge in smartphone adoption is poised to be a significant driver for the growth of the retail cloud market. The widespread acceptance of 5G-enabled smartphones, coupled with high internet usage, has witnessed a notable increase in both advanced and emerging economies. This proliferation of smartphones allows users to connect globally in real-time, resulting in heightened demand. As of February 2023, the UK recorded 71.8 million mobile connections, indicating a 3.8% increase over the previous year. Projections suggest that by 2025, approximately 95% of the UK's population, equivalent to around 65 million people, will possess smartphones. This trend underscores the pivotal role of smartphone adoption in facilitating access to retail cloud services, enabling users to retrieve and interact with data seamlessly.
The exponential growth of the e-commerce industry is poised to contribute significantly to the expansion of the retail cloud market. E-commerce, involving online buying and selling of goods and services, relies on the seamless functioning of digital storefronts. Retail cloud services play a crucial role by providing scalable infrastructure, secure data storage, and real-time analytics, thereby enhancing the efficiency and agility of e-commerce operations. According to the International Trade Administration's data in November 2023, the UK boasts the world's third-largest e-commerce market after China. As of January 2021, U.S. consumer e-commerce constituted 36.3% of the UK's total retail market, with a projected e-commerce revenue of $285.60 billion by 2025. The robust growth of the e-commerce sector is a key factor propelling the retail cloud market forward.
Technological advancements are a prominent trend gaining traction in the retail cloud market, with companies recognizing the need for innovative cloud computing solutions to enhance customer experiences, streamline processes, and reduce IT costs. Leading players in the retail cloud sector are strategically focusing on delivering advanced solutions to fortify their positions in the market. For instance, in March 2022, Snowflake, a US-based cloud company, unveiled the retail data cloud, aimed at facilitating collaboration, improving customer experiences, and optimizing retail operations. This solution empowers various stakeholders, including retailers, manufacturers, distributors, CPG vendors, and technology providers, to leverage their data, access new datasets, and collaborate seamlessly within the retail industry.
Major companies in the retail cloud market are also placing increased emphasis on introducing retail analytics platforms to maximize their market revenues. The EY Retail Intelligence platform is a comprehensive analytics solution that utilizes data-driven insights to assist retailers in making strategic decisions, enhancing customer experiences, and optimizing operational efficiency across the entire retail value chain. For instance, in January 2023, Ernst & Young Global Limited, a UK-based company, launched a new version of EY Retail Intelligence. Built on the Microsoft Cloud and Cloud for Retail, this platform offers consumers a seamless and streamlined shopping experience by leveraging advanced technologies such as artificial intelligence, image recognition, and analytics to gather data across all channels and convert it into valuable insights.
In November 2021, WPP, a UK-based creative transformation company, acquired Cloud Commerce Group for an undisclosed amount. This strategic acquisition underscores WPP's ongoing commitment to expanding its client commerce offering. Cloud Commerce Group, a UK-based company, specializes in providing multi-channel e-commerce software solutions to retailers.
Major companies operating in the retail cloud market report are Alphabet Inc., Google LLC, Microsoft Corporation, Alibaba Group Holding Limited, NTT Limited, Amazon Web Services Inc., Accenture PLC, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Fujitsu Limited, SAP SE, Salesforce.com Inc., Cognizant Technology Solutions Corp., Baidu Inc., Adobe Inc., VMware Inc., Atos SE, Workday Inc., T-Systems International GmbH, Infor Inc., Rackspace Technology Inc., Nutanix Inc., Blue Yonder Group Inc., Epicor Software Corporation, Lightspeed Commerce Inc., JDA Software Group Inc., Tekion Corp., SPS Commerce Inc., SymphonyAI Retail CPG
North America was the largest region in the retail cloud market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail cloud market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the retail cloud market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The retail cloud market includes revenues earned by entities by providing real-time data, enabling real-time monitoring and tracking of inventory, pricing and margin management, and storing customer data. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Retail Cloud Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on retail cloud market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for retail cloud ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The retail cloud market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.